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The Canadian Press: Goldnev shares up 278 per cent as lab results show high yield from oil shale

Lauren Krugel, THE CANADIAN PRESS
January 28, 2008

– Shares in Goldnev Resources Inc. (TSXV:GNZ) soared nearly three fold in massive trading Monday after positive results were confirmed for a core hole drilling program at the Pasquia Hills oil shale permits in east-central Saskatchewan.

On the TSX Venture Exchange, Goldnev stock jumped 39 cents to close at 53 cents on a volume of nearly 50 million shares, making it the most heavily traded issue by far on the junior market.

“The laboratory results revealed an excellent high oil yield of 61 litres per ton of rock … which equates to recoverable oil in place of 57 million barrels of oil per section of land,” the Calgary-based firm said in a release.

Goldnev’s Pasquia Hills oil shale permits cover 234 sections of oil shale exploration and development rights in the Pasquia Hills region. Several other petroleum companies are developing new shale projects in the area, including Oilsands Quest, which owns more than 190,000 hectares.

Goldnev Resources is focused on conventional and unconventional oil and gas production with assets in northeastern British Columbia, north-central Alberta and the oil shale project in Saskatchewan.

Oil shale is a kind of rock that contains large amounts kerogen, a substance that can be converted into synthetic crude oil. The process involves heating the rocks and distilling the vapours into a liquid.

Like the oilsands of Northern Alberta, it takes an enormous amount of water and energy to make oil shale commercially viable. Environmentalists slam oil shale for this reason, too.

Royal Dutch Shell has had its eye on oil shale as well.

The European-based energy company has been working on an underground method of extracting oil from Colorado’s vast shale deposits.

Shell’s conversion process uses electricity to heat up the bitumen, which is brought to the surface in the traditional manner, according to the company’s website.

In March 2006, Shell spent $465 million on a huge chunk of land that contains carbonates, or oil trapped in limestone. It has yet to find a way to extract the oil that sits in the 900-square-kilometre area.

Copyright © 2008 The Canadian Press, All Rights Reserved.

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